As we mentioned yesterday Gold price broke above key resistance. This was a major bullish signal and we expect Gold price to continue higher towards $1,980-$2,000 area.
Horizontal red lines - Fibonacci extensions
Gold price is making higher highs. Bulls are targeting $1,980 area and as long as price is above the red support trend line we remain bullish. Support is at $1,890. Bulls are in full control of the trend as long as price is above this level. Resistance is now found at $1,950 and next at $1,980. Gold is in a short-term bullish trend. The November low is a key low for the medium-term trend.
